Summary by Moomoo AI
GitLab Inc., a leading provider of DevSecOps platforms, reported a 37% year-over-year revenue growth for fiscal year 2024, reaching $579.9 million. The growth was driven by increased demand for GitLab's comprehensive DevSecOps platform, new customer acquisitions, and expansion within existing customers, including a 52% increase in customers with ARR over $1 million. Despite the revenue growth, the company reported a net loss of $424.2 million for the fiscal year, attributed to increased operating expenses, including sales and marketing, research and development, and general and administrative costs. The company also disclosed a material weakness in internal control over financial reporting related to IT general controls for revenue processes. GitLab's CEO, Sytse 'Sid' Sijbrandij, emphasized the company's commitment to enhancing its platform and supporting customers in realizing the value of AI across multiple use cases.